Wall St flat as S&P 500 bumps against record close

By Angela Moon

NEW YORK (Reuters) - The S&P 500 index hit resistance again on Thursday near its record closing high, unable to break through that milestone for the 14th session.

While the Dow Jones Industrial Average has been hitting new highs for the past few weeks, attempts by the S&P 500 to break past its record closing has been unsuccessful, prompting investors to think there may be a higher chance of a sharper pullback.

At the same time, buyers continue to move in on any signs of weakness, which has enabled the benchmark index to quickly erase declines and trade within 10 points of its all-time closing peak for the past 14 sessions.

"This suggests that there is a lot of money being run on technicals and there is this nervousness about the market being at all-time high. Less and less money is being run on fundamentals," said Jack DeGan, chief investment officer of Harbor Advisory.

"Fundamentally, the economy is improving and we are getting good earnings. I think soon or later we will move above this level to hit a all-time high."

The Dow Jones industrial average was up 25.76 points, or 0.18 percent, at 14,551.92. The Standard & Poor's 500 Index was up 1.24 points, or 0.08 percent, at 1,564.09. The Nasdaq Composite Index was up 1.20 points, or 0.04 percent, at 3,257.72.

U.S. stocks were set to close out a strong quarter with the S&P 500 up nearly 10 percent for the first quarter, the Dow up 11 percent and the Nasdaq up 8 percent. Thursday is the U.S. stock markets' last trading day of the quarter as Friday is Good Friday holiday.

Data showed the economy expanded at a sluggish pace of 0.4 percent in the fourth quarter although a big gain in business investment and higher exports of services led the government to push up its previous estimate for growth.

The number of Americans filing new claims for unemployment benefits rose more than expected last week, but probably not enough to suggest the labor market recovery was taking a step back.

Cypriots lined up calmly at banks despite tight controls imposed on transactions at Cyprus's banks after the government was forced to accept a stringent EU rescue package to avert bankruptcy.

BlackBerry announced an unexpected fourth-quarter profit on Thursday, driven by demand for its new touchscreen device which holds the key to a successful turnaround for the smartphone maker. U.S.-listed shares were up 2 percent at $14.86.

Chesapeake Energy Corp's search for a new chief executive to replace Aubrey McClendon is likely to extend beyond an April 1 deadline, according to a person familiar with the situation. The stock was off 0.9 percent at $20.36.

Influential proxy advisory firm ISS threw its weight behind opponents of MetroPCS Communications Inc's proposed merger with T-Mobile USA, saying the deal undervalued the company and shareholders should vote against it. MetroPCS shares were up 2.2 percent at $10.76.

A federal judge on Wednesday said JPMorgan Chase & Co must face a lawsuit by a pension plan that accused it of mismanaging its money by investing in Lehman Brothers Holdings Inc notes before that bank filed for bankruptcy in 2008. JPMorgan's stock fell 0.7 percent to $47.45.

(Additional reporting by Ryan Vlastelica; Editing by Kenneth Barry)

Source: http://news.yahoo.com/wall-st-flat-p-500-bumps-against-record-143200169--finance.html

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US are on the right track, says Klinsmann

updated 6:31 a.m. ET March 27, 2013

MEXICO CITY, March 27 (Reuters) - Just a week ago, serious questions were being asked about whether Juergen Klinsmann was the right man to lead the United States to the World Cup finals next year in Brazil.

But after following up Friday's 1-0 win over Costa Rica in snowy Denver with Tuesday's second ever draw for the U.S. at Mexico's Azteca Stadium in a qualifier, Klinsmann has answered many of the doubters.

"We're on the right track here," the U.S. coach told reporters after Tuesday's 0-0 draw.

A goalless draw with Mexico changes little in terms of the positions in the CONCACAF qualifying group but it was a significant result for a team which had been badly weakened by injuries.

"We had so many challenges over the last 10 days in terms of injuries, in terms of players not available," Klinsmann said.

"After the Costa Rica game they were completely exhausted from playing in the snow blizzard. Then we had another two players out [in Jermaine Jones and Clarence Goodson].

"So this group has shown they are ready for those challenges and they deserve a huge compliment."

For the two March qualifiers Klinsmann was without, due to injuries, first-choice goalkeeper Tim Howard, full-backs Steve Cherundolo, Fabian Johnson and Timmy Chandler, midfielders Jose Torres and Danny Williams.

The German coach was also unable to call on Landon Donovan, the U.S's all-time top scorer who is just about to return to club soccer after an extended break and his captain Carlos Bocanegra was left out due to a lack of games at club level.

On top of those key absences, Klinsmann and his team had to handle the fall-out from an article which cited anonymous sources within the squad as expressing a lack of confidence in the former German national team boss.

STRONG FOCUS

Combined, the injuries and the tension could have become an excuse or even led to disharmony among the players but the response in two testing encounters was two determined and confident displays.

"This is still a team that over the years has shown that when big moments come, when the spotlight comes on brightest that's something we relish," midfielder Michael Bradley said.

"Last week the build-up to Costa Rica ... things go on, on the outside of the team, that try to disrupt the inside of the team.

"I felt every guy did a really good job of maintaining a strong focus," he added.

"We still have lot of things to improve on but when you look at the mentality of the team and what it look likes when we step on the field I think there is still a lot to be proud of."

Klinsmann had been accused of tactical naivety by his anonymous critics but at the Azteca he set his team up well, adjusted when necessary and found the right way to grind out a result.

He also noted that the excellent performances of young central defenders Omar Gonzalez and Matt Besler owed much to the time they had spent as part of Klinsmann's off-season January camp for MLS players.

The German cannot have been happy at the snipes taken at him but he has carefully avoided attacking the media or over-reacting to the news that some in his squad may not be fully in tune with him.

But the former Tottenham, Inter Milan and Bayern Munich forward has concealed any internal annoyance and instead talked of the debate being a sign of the game's growing importance in the country.

"We're pleased there's so much discussion, so much debate out there. Because it shows you again that you can't stop soccer in the United States anymore," he said.

"It is a big-time part of society now and there are millions who watch and follow the game." (Editing by Sonia Oxley)

(c) Copyright Thomson Reuters 2013. Click For Restrictions - http://about.reuters.com/fulllegal.asp

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More newsMiguel Tovar / Getty Images

Bit of skill, bit of luck

PST: No question, the United States earned its scoreless draw with Mexico at Estadio Azteca on Tuesday. But they have a bit of luck to thank, as well.

Y! Sports: US draw at Azteca?equals win

Yahoo! Sports: Brad Guzan and the U.S. defense held firm in the face of sustained pressure, earning the Americans' first point in World Cup qualifying on Mexican soil in more than 15 years.

Source: http://nbcsports.msnbc.com/id/51344925/ns/sports-soccer/

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Making People Paranoid Prank By Jack Vale (VIDEO)

Prankster Jack Vale knows how to get under people's skin... let's just hope the guy with the photo of a gun on his t-shirt has a sense of humor. Watch Vale make everyone around him paranoid simply by talking on the phone.

Via Tastefully Offensive

Also on HuffPost:

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Source: http://www.huffingtonpost.com/2013/03/27/making-people-paranoid-prank_n_2962307.html

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Sprint Epic 4G Touch will receive Android Jelly Bean update today

Sprint's Galaxy S 4 recently took one step towards being ready for mass consumption, however the carrier hasn't forgotten the device's forefathers. We've received a memo from an anonymous tipster advising that the Epic 4G Touch is set to make the jump to Jelly Bean (Android 4.1, to be exact) starting sometime today. The new software bump will come directly from Samsung and will require a visit to an external website that has yet to go live. The memo also notes that in order to perform the update, you'll need access to a rig with Windows 7, Vista or XP -- in other words, OS X and Windows 8 users will have to visit a Sprint store to get their fix. For those fortunate enough to gain access in the coming hours, let us know how it's treating you in comments below.

[Thanks, anonymous]

Filed under: Cellphones, Software, Mobile, Sprint

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Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/qjY16vgkSF8/

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US economy expands at 0.4 percent rate

WASHINGTON (AP) ? The U.S. economy grew at a slightly faster but still anemic rate at the end of last year. However, there is hope that growth accelerated in early 2013 despite higher taxes and cuts in government spending.

The economy grew at an annual rate of 0.4 percent in the October-December quarter, the Commerce Department said Thursday. That was slightly better than the previous estimate of 0.1 percent growth. The revision reflected stronger business investment and export sales.

Analysts think the economy is growing at a rate of around 2.5 percent in the current January-March quarter, which ends this week.

Steady hiring has kept consumers spending this year. And a rebound in company stockpiling, further gains in housing and more business spending also likely drove faster growth in the first quarter.

The 0.4 percent growth rate for the gross domestic product, the economy's total output of goods and services, was the weakest quarterly performance in almost two years and followed a much faster 3.1 percent increase in the third quarter. The fourth quarter was hurt by the sharpest fall in defense spending in 40 years.

For all of 2012, the economy grew 2.2 percent after a 1.8 percent increase in 2011 and a 2.4 percent advance in 2010. Since the recession ended in mid-2009, the economy has been expanding at sub-par rates as a string of problems from higher gas prices to Europe's debt crisis have acted as a drag on the U.S. economy.

Growth appears to be strengthening this year even after taxes increased on Jan. 1 and automatic government spending cuts totaling $85 billion started to take effect on March 1. The Congressional Budget Office has estimated that the combination of tax increases and spending cuts could trim economic growth this year by about 1.5 percentage points. The CBO is predicting just 1.5 percent growth for 2013.

But so far, the economy is showing signs of holding its own against the fiscal drag.

Employers have added an average of 200,000 jobs a month since November. That helped lower the unemployment rate in February to 7.7 percent, a four-year low.

Economists expect similar job gains in March, in part because a measure of unemployment benefit applications fell this month to a five-year low.

Sales of previously occupied homes rose in February to the highest level in nearly three years, while builders broke ground on more houses and apartments. Annual home prices jumped in January by the most since June 2006, according to a closely watched measure.

Stock prices have surged. On Wednesday, the Standard & Poor's 500 index was within two points of its all-time high.

All of that is making consumers feel wealthier, which could lead to more spending. Consumer spending drives 70 percent of economic activity.

The Federal Reserve still thinks the economy needs aggressive measures to bolster growth. Last week it stood by its plan to keep a key short-term interest rate near zero until unemployment drops below 6.5 percent. The Fed also left unchanged its plan to keep buying $85 billion in bonds until it sees a substantial improvement in the job market.

The slowdown in business inventories trimmed 1.5 percentage point from growth in the fourth quarter and the reductions in defense spending cut another 1.3 percentage point from growth.

Consumer spending was growing at a 1.8 percent rate in the fourth quarter, slightly better than the 1.6 percent increase in the third quarter but down from last month's estimate that consumer spending was growing by 2.1 percent.

That revision was offset by upward revisions in business investment spending on structures and equipment and by stronger sales of U.S. exports.

The government first estimated two months ago that the economy had contracted at an annual rate of 0.1 percent in the fourth quarter, a decline that was erased by the revisions.

The government will release its first look at first quarter growth on April 26.

Source: http://news.yahoo.com/us-economy-expands-0-4-percent-rate-123349960--finance.html

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Obama gives Secret Service its 1st female director

This undated handout photo provided by the US Secret Service shows Secret Service agent Julia Pierson. President Barack Obama will appoint the veteran Secret Service agent as the agency?s first female director, signaling his desire to change the culture at the male-dominated service, which has been marred by scandal. (AP Photo/US Secret Service)

This undated handout photo provided by the US Secret Service shows Secret Service agent Julia Pierson. President Barack Obama will appoint the veteran Secret Service agent as the agency?s first female director, signaling his desire to change the culture at the male-dominated service, which has been marred by scandal. (AP Photo/US Secret Service)

WASHINGTON (AP) ? President Barack Obama on Tuesday named veteran Secret Service agent Julia Pierson as the agency's first female director, signaling his desire to change the culture at the male-dominated service, which has been marred by scandal.

Pierson, who most recently served as the agency's chief of staff, will take over from Mark Sullivan, who announced his retirement last month. The agency faced intense criticism during Sullivan's tenure for a prostitution scandal during preparations for Obama's trip to Cartagena, Colombia, last year.

The incident raised questions within the agency ? as well as at the White House and on Capitol Hill ? about the culture, particularly during foreign travel. In addition to protecting the president, the Secret Service also investigates financial crimes.

"Over her 30 years of experience with the Secret Service, Julia has consistently exemplified the spirit and dedication the men and women of the service demonstrate every day," Obama said in a statement announcing Pierson's appointment, which does not require Senate confirmation.

Homeland Security Secretary Janet Napolitano also praised Obama's "historic decision" to name Pierson as the service's first female director.

Pierson, 53, has held high-ranking posts throughout the Secret Service, including deputy assistant director of the office of protective operations and assistant director of human resources and training. She has served as chief of staff since 2008.

That same year, Pierson was awarded the Presidential Meritorious Executive Award for superior performance in management throughout her career.

She joined the Secret Service in 1983 as a special agent and previously worked as a police officer in Orlando, Fla.

"Julia is eminently qualified to lead the agency that not only safeguards Americans at major events and secures our financial system, but also protects our leaders and our first families, including my own," Obama said. "Julia has had an exemplary career, and I know these experiences will guide her as she takes on this new challenge to lead the impressive men and women of this important agency."

Thirteen Secret Service employees were caught up in last year's prostitution scandal. After a night of heavy partying in the Caribbean resort city of Cartagena, the employees brought women, including prostitutes, to the hotel where they were staying. The incident became public after one agent refused to pay a prostitute and the pair argued about payment in a hotel hallway.

Eight of the employees were forced out of the agency, three were cleared of serious misconduct and at least two have been fighting to get their jobs back.

The incident took place before Obama arrived in Colombia and the service said the president's safety was never compromised. But news of the scandal broke during his trip, overshadowing the summit and embarrassing the U.S. delegation.

Sullivan issued a new code of conduct that bans employees from drinking within 10 hours of starting a shift or bringing foreign nationals back to their hotel rooms.

Sullivan apologized for the incident last year during testimony before a Senate panel.

___

Associated Press writer Alicia Caldwell contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-03-26-US-Obama-Secret-Service/id-26adaab572894eab9aaa1b6e75135ac6

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GM cuts workers at Brazil factory on productivity concerns

Mar 26 (Reuters) - Leading money winners on the 2013 PGATour on Monday (U.S. unless stated): 1. Tiger Woods $3,787,600 2. Brandt Snedeker $2,859,920 3. Matt Kuchar $2,154,500 4. Steve Stricker $1,820,000 5. Phil Mickelson $1,650,260 6. Hunter Mahan $1,553,965 7. John Merrick $1,343,514 8. Dustin Johnson $1,330,507 9. Russell Henley $1,313,280 10. Kevin Streelman $1,310,343 11. Keegan Bradley $1,274,593 12. Charles Howell III $1,256,373 13. Michael Thompson $1,254,669 14. Brian Gay $1,171,721 15. Justin Rose $1,155,550 16. Jason Day $1,115,565 17. Chris Kirk $1,097,053 18. ...

Source: http://news.yahoo.com/gm-cuts-workers-brazil-factory-productivity-concerns-210121585--business.html

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